Stocks rose on Wall Street on Monday but fell in European and Asian bourses on renewed concerns over China’s property market.
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Shares on Wall Street were marginally higher as concerns over a possible U.S. government shutdown and high interest rates capped gains after a four-day slide.
Washington is bracing for a possible shutdown of the federal government as right-wing Republicans in the House of Representatives block passage of key spending laws.
Briefing.com pointed to investor sentiment “that the market is in for a rebound” after all three major Wall Street indexes fell over the previous four trading days.
The Dow Jones Industrial Average rose 0.1% to 34,006.88 on Monday, the Standard & Poor’s 500 rose 0.4% to 4,337.44, while the Nasdaq Composite gained 0.5% to 13,271.32 points.
Oil prices closed the trading session lower after an initial rise.
The US dollar rose against other major currencies.
Investors’ depressed mood was fueled by the fact that the German Ifo institute’s business confidence index fell to 85.7 points in September this year compared to 85.8 points in August, thus the decline was recorded for the fifth month in a row.
The share price of Chinese real estate developer China Evergrande fell about 25% on the Hong Kong stock exchange after the company called off a meeting of creditors and announced the cancellation of a planned restructuring.
Evergrande’s giant debt has contributed to a deepening crisis in China’s real estate market, raising fears of global contagion.
The real estate sector, which together with construction accounts for about a quarter of China’s gross domestic product, is an important pillar of the country’s economic growth and had boomed in recent decades.
London’s FTSE 100 fell 0.8% to 7,623.99 on Monday, Frankfurt’s DAX fell 1.0% to 15,405.49 and Paris’ CAC 40 fell 0.9% to 7,123. 88 points.
WTI crude oil fell 0.4% to $89.68 a barrel in electronic trading on the New York Stock Exchange on Monday. The price of “Brent” crude oil on the London Stock Exchange practically did not change and was 93.29 dollars per barrel.
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On the Dutch exchange “Title Transfer Facility” (TTF), the price of natural gas rose by 11.7% to 44.44 euros per megawatt hour on Monday.
The euro was down from $1.0647 to $1.0597 per euro on Monday, the British pound was down from $1.2240 to $1.2213 per pound, and the dollar was up against the Japanese yen from 148.36 to 148.84 yen per dollar. The euro fell against the British pound from 86.96 to 86.74 pence per euro.
2023-09-26 03:42:46
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